Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the FCF payout ratio high or low?
The FCF payout ratio of 65.66% is 41% above its 5-year average of 46.60%, near the high end of its 5-year range (21.33%–83.27%).
As of the fiscal period ended Tuesday, June 30, 2026. 53.47% above its 12-month average of 42.78%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
65.66%
FCF PAYOUT RATIO AVG TTM
42.78%
FCF PAYOUT RATIO AVG 3Y
51.34%
FCF PAYOUT RATIO AVG 5Y
46.60%
FCF PAYOUT RATIO AVG 10Y
46.39%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+53.47%
CURRENT VS 3Y AVG
+27.88%
CURRENT VS 5Y AVG
+40.88%
CURRENT VS 10Y AVG
+41.53%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
65.7%
Earnings Payout Ratio
27.4%
Dividend Yield
1.51%
FCF Yield
2.30%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.91B | $996.00M | 34.2% |
| 2024 | $2.37B | $1.65B | 69.5% |
| 2023 | $2.95B | $851.45M | 28.9% |
FCF Payout Ratio measures trailing dividends paid as a percentage of trailing free cash flow. Unlike earnings-based payout, it compares dividends with cash generated after capital expenditures.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | FCF PAYOUT RATIO |
|---|---|
| 2026-06-30 | 65.66% |
| 2026-03-31 | 31.99% |
| 2025-12-31 | 32.98% |
| 2025-09-30 | 37.53% |
| 2025-06-30 | 45.76% |
| 2025-03-31 | 56.66% |
| 2024-12-31 | 82.75% |
| 2024-09-30 | 83.27% |
| 2024-06-30 | 64.84% |
| 2024-03-31 | 56.18% |
| 2023-12-31 | 28.85% |
| 2023-09-30 | 21.33% |
| 2023-06-30 | 59.68% |
| 2023-03-31 | 33.90% |
| 2022-12-31 | 36.80% |
| 2022-06-30 | 41.14% |
| 2021-12-31 | 33.61% |
| 2021-06-30 | 25.95% |
| 2020-12-31 | 27.27% |
| 2020-06-30 | 27.70% |
| 2019-12-31 | 35.82% |
| 2019-06-30 | 43.21% |
| 2018-12-31 | 43.73% |
| 2018-06-30 | 65.63% |
| 2017-12-31 | 35.28% |
| 2017-06-30 | 70.17% |
| 2016-12-31 | 49.11% |
| 2016-06-30 | 62.16% |
| 2015-12-31 | 60.99% |
| 2015-06-30 | 59.77% |
| 2014-12-31 | 50.01% |
| 2014-06-30 | 45.22% |
| 2013-12-31 | 16.21% |
| 2022 |
| $2.15B |
| $856.39M |
| 39.8% |
| 2021 | $2.37B | $796.01M | 33.6% |
| 2020 | $2.43B | $578.75M | 23.8% |
| 2019 | $2.54B | $652.31M | 25.7% |
| 2018 | $1.02B | $618.39M | 60.8% |
| 2017 | $1.37B | $563.03M | 41.0% |
| 2016 | $1.70B | $370.21M | 21.8% |
| 2015 | $1.58B | $411.72M | 26.1% |
| 2014 | $1.04B | $427.10M | 41.0% |
| 2013 | $883.17M | $505.65M | 57.3% |
| 2012 | $632.22M | $465.17M | 73.6% |
| 2011 | $688.16M | $428.37M | 62.2% |
| 2010 | $1.31B | $398.05M | 30.5% |
| 2009 | $2.32B | $330.67M | 14.2% |
| 2008 | $1.34B | $489.53M | 36.6% |
| 2007 | $1.94B | $342.06M | 17.7% |
| 2006 | $1.23B | $253.16M | 20.6% |
| 2005 | $988.96M | $203.90M | 20.6% |
| 2004 | $945.95M | $147.89M | 15.6% |
| 2003 | $1.28B | $194.43M | 15.2% |
| 2002 | $1.02B | $123.08M | 12.1% |
| 2001 | $538.83M | $62.81M | 11.7% |
| 2000 | $512.82M | $60.56M | 11.8% |
| 1999 | $345.66M | $0 | 0.0% |
| 1998 | $516.67M | $56.94M | 11.0% |
| 1997 | $358.12M | $0 | 0.0% |
| 1996 | $228.47M | $47.69M | 20.9% |
Formula: FCF Payout Ratio TTM = trailing 4Q dividends paid / trailing 4Q free cash flow × 100
FCF payout and earnings payout:
Reading the series: Use the chart and table to compare dividend payments with cash generation over time.
